In 2008, Nakheel had used the private auction route to sell similar properties.
The highest bid at the time was $6.8 million with the average price per square foot reaching Dh2,660 for plot sizes, ranging between 11,500 and 16,000 square feet.However, the Nakheel spokesperson stated that these properties on auction are not repossessed but unsold ones.The 31 mansions, built at the centre of the Jumeirah Island community, were set for completion in early 2009.Besides the five bedrooms, these properties also have six reception areas and a private swimming pool.Faisal Baig, Director, PropSquare Real Estate, says: “Most of the mansions were sold during launch, but Nakheel might have been taken back some as investors may have defaulted.”Although the prices seem to be relatively high, he believes people with “large” credit notes can use it to their advantage by bidding at the auction.“Those who have credit notes of large sums can benefit as it will reduce the price for them.“One thing is clear that there is a demand for villas in Dubai and Jumeirah Islands is amongst one of the best new villa developments and so buyers will gain over the time.”Last year, Nakheel sold a six-bedroom Signature villa, located on a 13,000 sqft plot on Palm Jumeirah for $7.7 million through a private auction.
